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The cyclicality will manifest at some point, higher prices will destroy demand sooner than expected, and regional disappointment in demand will lead to the next round of steel price correction.
Until then, we will keep our ratings for Tata Steel Ltd. and Jindal Steel and Power Ltd. unchanged as steel prices around the world show strength from their already record levels.
We provide coverage of Steel Authority of India Ltd. again.
We see the current environment as controlled and without adequate risk perception.
Strong Chinese demand as well as capacity reductions contributed to another round of earnings improvements in fiscal year 22.
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ICICI Securities Metals Sector Update.pdf
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